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Home Business SMEs and The Price Rise Conundrum: How to manage rising expenses without alienating customers?

SMEs and The Price Rise Conundrum: How to manage rising expenses without alienating customers?

by Uma
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Everyone is being affected by rising costs and there is no sign of a slowdown. For small business owners, the conundrum is real: how to manage growing expenses without losing customer loyalty?

Every business will be different and there is no one-size-fits-all solution, but there may be some things you can do to lighten the load. Ian Walters, Managing Director – Distribution, at Metro Bank, offers tips on handling cost increases. 

  1. Be transparent: People may be expecting prices to rise; it won’t be a surprise to many customers. Communicate on social media channels; write on a blackboard in store; personalise point of sale, but be really clear and transparent about the changes you are making and why you have to make them.  
  2. Be honest and trade on loyalty: Loyalty is bred through the relationships you’ve created, so nurture the trust that comes with it. Be honest about the challenges you are facing and try to counter with a loyalty bonus if possible. 
  3. Quality: Be careful not to compromise your USPs by cutting costs in the wrong places.  For example, depending on the type of business, you might be able to consider creating smaller products at the same standard, rather than compromising on quality.  Maintaining expectations of service and standards will reap rewards. 
  4. Seek help: Do not lie awake worrying. There is help and guidance available.   We also have business managers available in our stores and customer service staff available seven days a week; so, don’t lie there fretting at 3am. Come into store and see your local business manager for a chat. 

Ian Walters commented: 

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“At Metro Bank, we specialise in nurturing small businesses and providing tailored support. We recognise this is a time when flexibility is needed to help our customers navigate the current climate. Straight talking, easy banking has never been more important. Dedicated Local Business Managers are on hand within our communities to help our customers wherever they can.” 

For more information on the help and support that Metro Bank can offer your business, please visit: https://www.metrobankonline.co.uk/business/sector-services/products/small-business/ 

About Metro Bank

Metro Bank services 2.6 million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality and best bank for service in-store for personal customers, in the Competition and Market Authority’s Service Quality Survey in August 2022. This year it has been awarded “Best Mortgage Provider of the Year” in 2022 MoneyAge Mortgage Awards, “Best Business Credit Card” in 2022 Moneynet Personal Finance Awards and “Best Current Account for Overseas Use” by Forbes 2022. It was “Banking Brand of The Year” at the Moneynet Personal Finance Awards 2021 and received the Gold Award in the Armed Forces Covenant’s Employer Recognition Scheme 2021.

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The community bank offers retail, business, commercial and private banking services, and prides itself on giving customers the choice to bank however, whenever and wherever they choose, and supporting the customers and communities it serves. Whether that’s through its network of 76 stores open seven days a week, 362 days a year; on the phone through its UK-based contact centres; or online through its internet banking or award-winning mobile app, the bank offers customers real choice.

Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. ‘Metrobank’ is the registered trademark of Metro Bank PLC.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk. All Metro Bank products are subject to status and approval.

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Metro Bank PLC is an independent UK bank – it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.

 

 

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